Visa Europe is predicting an end to plastic payment cards as changing consumer preferences and new technologies take hold. The network is looking at how to overhaul security standards and protect transactions in the omni-channel digital age.
Visa Europe sees the end of payment cards in the digital age
Peter Bailey, an executive director at Visa Europe, says in a blog post on the network’s website that with EMV now being rolled out in the US, it is time to look at the next wave of innovation. “EMV is great and has served us well. Everyone loves it – but the days of the plastic card are coming to an end. The ‘card not present’ (CNP) model invented by our Visa predecessors decades ago has massively passed all expectations. It is increasingly becoming THE way to pay.”
Visa Europe will turn its attention to mobile and online payments. “Data profiling and predictive modelling is going mainstream; we are starting to understand we can do things with data we never previously imagined were possible.”
The network will also look at security implications of tokenisation and host card emulation, the latter of which offers “the opportunity to completely remodel the security framework and provide a much smoother experience for consumers at the check-out by storing card details in the cloud.”
Bailey also posits whether Visa could consider removing verification for most transactions. “If we have the data and the models to show that our customer buys his coffee at 08:45 every morning at this merchant for this amount, and his phone GPS says he is there now – do I really need to check all the cryptography, and validate the PIN? How much extra security do we really need?”
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